Fabíola Esteves is a key senior executive and regulatory figure in the modern Brazilian gambling market, currently leading Rio de Janeiro's state lottery, Loterj, as President.
Fabíola Esteves has led Rio de Janeiro's state lottery, Loterj, as President since March 2026, following nearly three years as Vice President.
Who is Fabíola Esteves?
Under her leadership, the regulator has helped usher in a new era of Brazilian gaming and continues consolidating Rio's model for fixed-odds betting and gaming, with a focus on legal certainty, integrity, consumer protection and the social return generated by lottery activity.
Esteves holds a law degree from Centro Universitário do Distrito Federal (UDF) in the Brazilian capital of Brasilia, graduating in 2012.
Before joining Loterj as Vice President in May 2023, she worked as an advisor in ApexBrasil's Business Directorate, focused on helping Brazilian companies internationalize and attracting foreign investment.
Strategy and approach
Esteves sees regulation as the foundation for Rio de Janeiro's ambitions to become a global gaming and entertainment destination. She points to the state's 2025 regulation of video lotteries (VLTs), built on standards from mature international markets, as an example of how oversight can support a viable business environment.
Achieving that vision, she believes, requires aligning regulation, tourism, technology, integrity and public policy.
Esteves has stressed that Brazil's lottery and betting model rests on shared authority between the Federal Government, which defines lottery modalities and holds federal regulatory power, and the state, which the Supreme Court has recognized as having authority to establish and operate state-level lottery services.
She argues this structure strengthens oversight and consumer protection while respecting each level of government's role.
Beyond the business
Speaking at UN Tourism, which Loterj has been invited to more than once, Esteves argued for greater diversity in gaming sector leadership.
"It's not about swapping one voice for another. It's about expanding the table," she said.
Esteves also pointed to the regulated betting sector's potential to support tourism, jobs and investment when run responsibly, arguing the national conversation around gaming should extend beyond the activity itself to its broader economic contribution.
Esteves in quotes
"As Vice President, I participated in building the strategy; as President, I become responsible for execution, regulatory consistency and institutional results," she said, adding that her priority is to continue what has already been built, while deepening integration between regulatory bodies to fight the illegal market.
Combating illegal gambling remains one of Esteves' central priorities. She argues state lotteries can help by offering a regulated, supervised alternative, but says enforcement ultimately depends on cooperation across states, the Federal Government, courts, police, the financial system, digital platforms and consumer protection bodies.
"There are regional aspects that need to be considered in a country with continental dimensions and such diversity," she noted.
Fun fact: Esteves has also previously served as Deputy Secretary at the Ministry of Tourism and as a legal advisor at the Ministry of Health